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    durdana90's Avatar
    durdana90 Posts: 1, Reputation: 1
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    #1

    Aug 4, 2012, 02:10 AM
    Compute the amount of net income or net loss for this first month of operations.
    a. Barlow deposited $10,000 cash in a business bank account, and the corporation issued common stock to him.
    b. Borrowed $5,000 cash from the bank and signed a note payable due within 1 year.
    c. Paid $300 cash for supplies.
    d. Purchased advertising in the local newspaper for cash, $800.
    e. Purchased office furniture on account, $4,400.
    f. Paid the following cash expenses for 1 month: employee salary, $1,700; office rent, $600.
    g. Earned revenue on account, $7,000.
    h. Earned revenue and received $2,500 cash.
    I. Collected cash from customers on account, $1,200.
    j. Paid on account, $1,000.

    And what is the journal entry of "c"? Please help me
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Aug 4, 2012, 05:49 AM
    What is the journal entry for any cash expenditure, credit cash debit expense item
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